mexican standoff, page-14

In order to develop the Mt. Bevan project, the parties LCY and HAW have agreed to form a JV, that is, to form a new legal entity with the implication that it will be officially separate from its founders and therefore able to contract in its own name, acquire rights and, of course, to have a separate liability from that of its founders, except for invested capital.

So here goes my first question: What legal form is the JV going to take?

To my understanding it will be that of a company limited by shares, but I may be wrong as it could also be a 'quasi' partnership.

And here goes my second: What is going to be the capital of the founders in this JV entity, or company?

THE ONLY THING THAT SO FAR WE KNOW is that there is some kind of memorandum of understanding, articles of association if you want call it that, stipulating that
on the board of this company yet to be formed the parties are going have equal representation, and that is all. As a matter of fact we don't even know if the directors elected by each party are going to have rotating control over the firm and how the management is going to be done including whether the board manages or a founder.

Without access to the memorandum of understanding we just can SPECULATE and let's not forget that the devil is always in the detail.

Cheers